Saudi Arabia extends term for $3 billion deposit to support Pakistan’s economy

BusinessSaudi Arabia extends term for $3 billion deposit to support Pakistan’s economy

KARACHI, Pakistan: The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of US$ 3 billion maturing on December 05, 2023 for another one year.

In a statement on Wednesday, the State Bank of Pakistan (SBP) said that the said amount has been placed with the SBP on behalf of Islamic Republic of Pakistan.

The Central Bank said that the extension of the term of the deposit is a continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan which will help to maintain the foreign currency reserves of Pakistan and contribute to the economic growth of the country.

It is worth noting that the US$ 3 billion-deposit agreement was initially signed through the SFD with the SBP in the year 2021 and rolled over subsequently in 2022, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly Countries.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Islamabad Crime Reporters Association

Islamabad Crime Reporters Association condemns Police brutality against journalist Tahir Naseer from Dawn News

0
Islamabad, Pakistan: The Islamabad Crime Reporters Association (ICRA) strongly condemns the brutal assault on Tahir Naseer, a reporter of Dawn TV, by Islamabad police...

PTI got the photos of the day as Aleema Khan and Uzma Khan were...

0
Islamabad, Pakistan: Capital police on Friday arrested two sisters of Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan from D-Chowk who reached the protest venue despite...

Pakistan Army deploys to handle security in Islamabad during SCO Summit

0
Islamabad, Pakistan: The notification has been released by the Interior Ministry here on Friday. The Pakistan Army will man capital security till October 17,...

Anwar Ibrahim met General Syed Asim Munir

0
Islamabad, Pakistan: Malaysian Prime Minister H.E. Dato' Seri Anwar Ibrahim met General Syed Asim Munir, NI (M), Chief of Army Staff (COAS), and discussed...
PTI protest at D-Chowk Islamabad—All roads leading to Islamabad are sealed with containers, and cell phone service is suspended in Rawalpindi and Islamabad

PTI protest at D-Chowk Islamabad—All roads leading to Islamabad are sealed with containers, and...

0
Islamabad. Pakistan: As crackdown over Pakistan Tehreek-e-Insaf (PTI) continues the Police have arrested over 100 Afghan nationals who PTI hired for today’s planned protest...
Advertisement